JAKARTAtackleshop, June 13 (Xinhua) -- Indonesia has broadened its economic ties with Chile through the initiation of investment negotiations for the Indonesia-Chile Comprehensive Economic Partnership Agreement (IC-CEPA) on Thursday in Jakarta.

The agreement's launch was officiated by Indonesia's Vice Minister of Trade Jerry Sambuaga and Chile's Vice Minister of International Economic Relations Claudia Sanhueza.

Sambuaga emphasized the mutual benefits of the agreement, expressing his hope that it would bolster investment collaboration between the two nations, which has been primarily focused on the service, tourism, hotel, and housing sectors.

Sanhueza highlighted the significance of Chile-Indonesia economic relations in addressing global challenges like food security and climate change. She also showcased Chile's extensive mining and agricultural sectors as attractive opportunities for foreign investment.

The IC-CEPA, which was ratified in 2017, has already enhanced trade performance between Indonesia and Chile. In 2023, the Indonesia-Chile trade balance showed a surplus of 139.2 million U.S. dollars, with exports amounting to 312.6 million dollars and imports totaling 173.4 million dollars, as reported by Indonesia's Ministry of Trade.■